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Federal Register / Vol. 86, No. 137 / Wednesday, July 21, 2021 / Notices projections of the social security equivalent benefit account, railroad retirement account and cost estimates made for proposed amendments to laws administered by the RRB are dependent on input developed from the information collection.

The RRB utilizes Form BA11 to obtain gross earnings information from railroad employers. Employers have the option of preparing and submitting BA
11 reports online via the RRBs Employer Reporting System or on paper or in like format by File Transfer Protocol FTP or secure Email. The
online BA11 includes the option to file a negative report no employees, or no employees with the digits 30.
Completion is mandatory. One response is requested of each respondent. The RRB proposes no changes to Form BA
11.

ESTIMATE OF ANNUAL RESPONDENT BURDEN
Annual responses
Form No.
BA11
BA11
BA11
BA11
BA11

Burden hours
CDROM
File Transfer Protocol
Secure Email
InternetPositive
InternetNegative

0
11
0 154
424

30
300
30
30
15

0
55
0 77
106

Total

589

238

Additional Information or Comments:
To request more information or to obtain a copy of the information collection justification, forms, and/or supporting material, contact Kennisha Tucker at 312 4692591 or Kennisha.Tucker@rrb.gov. Comments regarding the information collection should be addressed to Brian Foster, Railroad Retirement Board, 844 North Rush Street, Chicago, Illinois 60611
1275 or emailed to Brian.Foster@rrb.gov.
Written comments should be received within 60 days of this notice.
Brian D. Foster, Clearance Officer.
FR Doc. 202115479 Filed 72021; 8:45 am BILLING CODE 790501P

SECURITIES AND EXCHANGE
COMMISSION
OMB Control No. 32350422, SEC File No.
270373

Proposed Collection; Comment Request Extension:
Rule 23c3 and Form N23c3

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Time minutes
Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995
44 U.S.C. 3501 et seq., the Securities and Exchange Commission the Commission is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget OMB for extension and approval.
Rule 23c3 17 CFR 270.23c3 under the Investment Company Act of 1940
15 U.S.C. 80a1 et seq. permits a registered closed-end investment
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company closed-end fund or fund that meets certain requirements to repurchase common stock of which it is the issuer from shareholders at periodic intervals, pursuant to repurchase offers made to all holders of the stock. The rule enables these funds to offer their shareholders a limited ability to resell their shares in a manner that previously was available only to open-end investment company shareholders.
There have been recent regulatory developments put forth by the Commission that will provide shareholders of closed-end funds with additional benefits. Effective August 1, 2021, rule 23c3 will be amended by including a new subparagraph e that will permit a fund that relies on rule 23c3 to register an indefinite amount of securities, under Section 24 of the Investment Company Act upon the effectiveness of a funds registration statement.1 In addition, concurrent with the implementation of rule 23c3e, the Commission adopted an amendment to rule 24f2 under the Investment Company Act, permitting closed-end funds to compute registration fees on an annual net basis.2 The Commissions intent in proposing and adopting rules 23c3e and 24f2a respectively, was to avoid the possibility a closed-end fund of inadvertently selling more shares than it had registered.3 These revisions to rule 23c3 do not impose additional collections of information.
Notwithstanding these recent regulatory developments, a closed-end fund that relies on rule 23c3 must send shareholders a notification that contains CFR 270.23c3e.
2 17 CFR 270.24f2a.
3 Securities Offering Reform for Closed-End Investment Companies SEC Rel. No. IC33427
Mar. 20, 2019 84 FR 14448 Apr. 10, 2019 at 64.

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specified information each time the fund makes a repurchase offer on a quarterly, semi-annual, or annual basis, or, for certain funds, on a discretionary basis not more often than every two years. The fund also must file copies of the shareholder notification with the Commission electronically through the Commissions Electronic Data Gathering, Analysis, and Retrieval System EDGAR on Form N23c3, a filing that provides certain information about the fund and the type of offer the fund is making.4 The fund must describe in its annual report to shareholders the funds policy concerning repurchase offers and the results of any repurchase offers made during the reporting period. The funds board of directors must adopt written procedures designed to ensure that the funds investment portfolio is sufficiently liquid to meet its repurchase obligations and other obligations under the rule. The board periodically must review the composition of the funds portfolio and change the liquidity procedures as necessary. The fund also must file copies of advertisements and other sales literature with the Commission as if it were an open-end investment company subject to Section 24 of the Investment Company Act 15
U.S.C. 80a24 and the rules that implement Section 24. Rule 24b3
under the Investment Company Act 17
CFR 270.24b3, however, exempts the fund from that requirement if the materials are filed instead with the 4 Form N23c3, entitled Notification of Repurchase Offer Pursuant to Rule 23c3, requires the fund to state its registration number, its full name and address, the date of the accompanying shareholder notification, and the type of offer being made periodic, discretionary, or both.

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